The World Bank had expected in October Vietnam would manage 5.5 percent growth this year.

It said that after some difficulties in mid-2014, the Vietnamese economy has bounced back and posted faster-than-expected growth, on the back of an improved marco-economic environment, increased foreign direct investment in the manufacturing sector, and improvement in the business environment.

The World Bank forecast economic growth of 6.2 percent in 2016 and 6.5 percent in 2017.

It expects inflation will be maintained at a "reasonable level" because of the low prices of food and fuel, with strong growth in exports and overseas remittances.

Despite the economic development improvement, the World Bank said economic development is still lower than its potential due to sluggish restructuring and global developments. Vietnam is also facing higher public debt.

The World bank said lower prices of rice and other farm produce on global markets would likely hurt rural household income and consumption, widening the wealth gap between rural and urban areas.